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Credit Card and Finance Quiz - BEP2O1 Flashcards | StudBud
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Credit Card and Finance Quiz - BEP2O1
Credit Card and Finance Quiz - BEP2O1
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BBI Textbook Chapter 15 (Credit) Questions
Flashcards
23 cards
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Questions
23
Answers
1
Credit card companies charge stores a percentage purchased with a credit card.
True
False
2
What is an advantage of using a cheque to pay a bill?
You do not have to pay interest
It takes longer to write a check than swipe a card.
Some businesses no longer accept cheques
You do not have to enter the expense in your cheque register
3
What are some disadvantages to using cash as a method of payment?
Hard to handle, not enough in the world, easy to lose
online purchases impossible, little proof of purchase
It's green, gives paper cuts, smells bad
Nothing, cash is perfect
4
What is an advantage of using cash to pay for stuff?
No way to have identity stolen.
You have to carry it around everywhere.
You have to pay interest.
It could be stolen from your wallet.
5
An Advantage of Consumer Credit is
You might overbuy
You can lose track of monthly spending
You can relplace the need forusingcash and cheques
You may engage in impulse buying
6
Elorm makes $289 a week. His total payroll deductions are $42. How can he find his net income?
Subtract his deductions from his gross income.
Subtract his gross income from his net income.
Subtract his net income from his gross income.
Add his gross income and his deductions.
7
If I only pay the minimum monthly payment, then I won’t owe any interest.
True
False
8
Obtaining money from an ATM machine is similar to ________.
adding interest to your bank account.
loaning money to another person.
withdrawing money from your bank account.
making a deposit.
9
Credit cards are accepted just as much as cash at most stores.
True
False
10
Which is a true statement?
Payroll taxes - gross income = net income
Net income is the total amount earned
Gross is the total amount, net is after deductions
Gross income is disgusting
11
Which of the following are the benefits of a debit card?
Can be used instead of cheques.
All of the above.
It is convenient.
It eliminates the need to carry a lot of cash.
12
If I pay my credit card in full by the due date, I will not owe any interest.
True
False
13
Pay bills on time.
Pay yourself first.
Avoid overdraft fees. These are tips for what?
Responsible financial behavior.
Wht a badger can do.
Collage savings plans.
Methods of payment.
14
Borrowing money by using money that is loaned to you and is paid back with
________
A herd of elephants
Interest
Change
A bank deposit
15
There’s no penalty if I pay my balance after the due date.
True
False
16
An Advantage of business credit is
You may overspend
Interest on locans can result in increased costs
You can finance major purchases for large projects
Defaulting on a loan may lead to seizure of company assets
17
My credit report contains information on bills I have not paid.
True
False
18
Gabriel buys groceries with his credit card. What is a disadvantage of using his credit card?
He may earn cash back on his purchase.
He borrows $ to get groceries if he does not have the money.
He must pay it back with interest.
There is no way for his identity to be stolen.
19
Which of the following would be considered a fee for a checking account?
all of the above
debit card fee
overdraft fee for cheques
monthly service fee
20
What are some advatages to a credit card? Choose best answer
Not mentioned
easy to carry, offers rewards, can improve credit score
saves time, ability to buy online
Your identity might get stolen
21
Elijah's monthly paycheck after deductions is $1781.03. What do we call this amount?
gross income
net income
payroll tax
deductions
22
What can a budget do?
Plans for expected costs and unexpected cost.
develop money management skills and responsibility
Cut spending, spend wisely And Save for a car vacation etc.
All of the above
23
Most credit cards have a credit limit.
True
False
